Using an outsourced solution for your accounting and bookkeeping makes sense for small and medium size business.
As your company continues to grow and mature, the scope and volume of your financial tasks are certainly going to be expanding as well. Your increasing need to manage your cash flow and stay on top of accounts receivable and payable also means that you’ll need additional bookkeeping support. In the earliest days of your business, you were likely able to handle your books on your own, or maybe with the help of a family member. But eventually the responsibility becomes too great to manage yourself. It becomes the more prudent choice to have a skilled professional work on these crucial functions.
Today it is becoming commonplace to outsource accounting services, including payroll, accounts payable and accounts receivable. The idea of having a full virtual accounting department makes sense when you need to have strategic financial information at your fingertips in real time. Things like budgets, forecasts, cost analysis, employee overhead and tax obligations have to be accurately prepared and available when you need them.
The old school notion of hiring a low level employee and handing over your business finances to them is simply no longer a wise choice. Accounting and bookkeeping tasks are too vital to the growth and success of your business to be treated as secondary responsibilities for a member of your office staff whose attention and energies are more useful directed elsewhere.
You could hire a bookkeeper to work in-house, but is that really the right choice for you at this time? Let’s take a look at some of the numbers. If you have a staff member that earns a salary between 48,000 and 55,000 per year doing your books, they are actually costing you between 75,000 and 85,000 per year when you calculate the added costs of taxes and benefits. A highly skilled outsourced accounting firm may cost somewhere between 2500 and 3500 per month depending upon services required. That’s between 30,000 and 42,000 per year and it's all tax-deductible expense!
Outsourcing your accounting and bookkeeping work also frees up your much needed resources in a number of ways. Apart from the cost of keeping a bookkeeper on staff, there’s a lot of additional overhead. You’ve got to provide office space to house them, furniture, phone, and computer, as well as the software they’ll need to in order to get the work done. And even the most reliable staff members require some degree of management and supervision. Do you really have the time to take on more management responsibilities?
When you outsource your accounting and bookkeeping to KYB, we provide a solution that allows you, as the owner of your company, to “get out of the way” of these processes. Our expert team will get the work done as efficiently as possible, with little or no oversight or intervention from you. You’ve got more than enough on your plate. Your goals will be better served by moving accounting and bookkeeping off-site, where it can be managed invisibly in the cloud.
After we do a thorough analysis of your existing books and systems, we’ll put together a custom-designed accounting solution that will streamline your processes, save you money, and leave you free to focus on the growth of your business. Your virtual accounting and bookkeeping team will be scalable, always ready to expand as your company grows, or at busy times when your workload increases.
KYB provides to you a specific and dedicated team that is created to meet the specific needs of your unique business situation. Our highly skilled staff of accounting professionals are ready to work with companies in any field, and at any stage of development. We’ve already achieved plenty of success stories as a provider of outsourced accounting solutions to businesses in the following industries, among others:SaaS Hi-Tech Companies